RBI, JK Bank meet discusses foreign exchange issues

GK NEWS NETWORK

Srinagar, Dec 12: Two-day interactive meet organized by the Reserve Bank of India in association with J&K Bank concluded today. Speaking on the occasion, Regional Director (Jammu), RBI, K K Saraf said that financial literacy and financial inclusion were their focused targets in J&K. He said that in anticipation of increase in volume of foreign exchange business due to revival of tourism and handicraft sectors in J&K, need was felt to hold a session on FEMA, 1999 for general awareness of bankers and customers. Chief General Manager RBI Mumbai Rashmi Fauzdar, Executive President, J&K Bank, Parvez Ahmad, Presidents J&K Bank Shafat Ahmad, Nayeemullah, Vice President P.K. Tickoo, DGM FED RBI Jammu A.K Mattu and DGM FED RBI Mumbai P K Kar were present on the occasion. The interactive session was attended by traders’ bodies, exchange houses, AD branches and a good number of customers representing cross-section of valley businessmen engaged in imports and exports of various goods and services, J&K Bank in a statement said. Earlier, P.K.Tickoo welcomed the guests on behalf of J&K Bank and stressed the participants to make use of this opportunity for knowledge enhancement and better awareness about FEMA provisions from the presence of top officials of RBI. A.K.Mattu, DGM FED Jammu, welcomed the participants on behalf of RBI and stated that this was one of the endeavors of RBI to reach to end-users of forex facilities. P.K Kar, DGM FED RBI Mumbai, talked at length about the trade regulations and obligations of the exporters and importers. He then presented a power-point presentation on export-import regulations. Speaking on the occasion, CGM RBI (FED) Mumbai Rashmi Fauzdar said that FEMA 1999 envisages moving away from micro-regularities of transactions by giving freedom and responsibility to Authorised Dealers (AD). She gave details of recent measures taken by RBI in this regard. Soon after her address, a question-answer session ensued, wherein the exporters and importers of Kashmir raised issues and concerns relating to their trade and business like increase in duration of realization period of export bills, guidelines for booking forward exchange contracts by service sector and increase in time period for claiming interest subvention on Kashmir handicrafts in response to which representatives of RBI assured that issues would be looked into. The bankers from the SBI, HDFC and particularly J&K Bank responded to many of the concerns on spot. P.K.Tickoo dwelt on the extra risks being faced by the exporters in the face of uncertainties of global trade and volatile currency risks and put forward some suggestions to manage these risks through the mechanism of Letter of Credit and proper use of hedging instruments. The participants appreciated the J&K Bank for facilitating such informed and intense interactions wherein the bankers educate and guide them through safe and secure business procedures and mechanisms. While presenting vote of thanks Parvez Ahmad, Executive President stated that it is time to evolve innovative business procedures and mechanisms which offers comprehensive solutions to the specific problems faced by exporters and importers of J&K. Appreciating RBI’s visionary and pro-active approach in managing the macro-economic situations during uncertain times effectively, he said, “It is very good to see the RBI reaching out to raise awareness about issues of major concern like foreign exchange and export-import mechanisms, simultaneously.”

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